Partners GREEN &Amp; WindStor Power Co. Agree on License for WindStor Wind Turbine Technology
Two Michigan-based companies, Partners GREEN and WindStor Power Co.(OTCBB: MKBY), have signed a “Letter of Intent” containing agreed upon terms and conditions for license of WindStor, an improved vertical axis wind turbine. A license agreement is being prepared.
Agreement terms and conditions provide for WindStor Power to receive a license fee of $30,000 per turbine when total installed costs are $550,000 or more. The fee increases by $300 for every $1,000 when total installed costs are below $550,000.
Upon signing the License Agreement, Partners GREEN will also purchase $200,000 of WindStor Power Common Stock at $1.00/share with the right to acquire another $1,000,000 at the same price. The right expires six months after the Ishpeming, Michigan WindStor installation is performance- certified by an independent engineer.
Partners GREEN grants WindStor Power the option to convert all or part of the license fee into an equity ownership in any group of Partners GREEN installations at the same price offered to group tax equity investors. In exchange for this option, the investment into WindStor Power, and license fees, WindStor Power grants Partners GREEN exclusive marketing rights for all power purchase agreement sales conditional on purchasing WindStor units annually.
In a separate agreement signed in October 2006, Partners GREEN agreed to purchase the Ishpeming installation for $425,000 upon completion and engineer certification 45 days after it is commissioned.
Gary Westerholm, Partners GREEN President, said; “We are very pleased to add WindStor as the wind technology component in our Project EverGREEN Schools’ system to provide economic renewable energy generation and education at / for schools. Our primary system is complete and we will immediately begin signing power purchase agreements with a number of schools across the country wishing to receive our Project EverGREEN program for schools. We plan to begin ordering groups of 50 units when the Ishpeming installation is engineer certified.”
Project EverGREEN’s technology components include WindStor(R) by WindStor Power Co. (OTCBB: MKBY) www.mckenziebay.com, solar by United Solar Ovonic www.uni-solar.com, battery by Cobasys Inc. www.cobasys.com and System Integration by Envitech Automation www.envitech.com. The education curriculum is being developed by Michigan GREEN www.michigangreen.org. Project & system information at www.partnersgreen.org
Contact: Partners GREEN Sales Management 248-446-9502 781-255-0316 Contact via http://www.marketwire.com/mw/emailprcntct?id=CED50C10D6EFAEEF Contact via http://www.marketwire.com/mw/emailprcntct?id=9DC3179987A63489 WindStor Power / McKenzie Bay International Investor Relations Richard Kaiser 800-631-8127 Contact via http://www.marketwire.com/mw/emailprcntct?id=A37EF203920C7263
SOURCE: McKenzie Bay